What's a Surety Bond And Why Is It Required?

Have you been told to purchase a surety bond? And your first thought is, what is a surety bond?

In this video you'll learn what a surety bond is with easy to understand examples. By the end you'll understand why you're required to purchase a surety bond and how you can get the lowest price.

Video Timestamps:

• 00:14 - Why a surety bond is required
• 00:30 - What a surety bond protects against
• 00:40 - The three parties in a surety bond agreement
• 01:25 - Example 1: Contractor Licenses
• 02:00 - Example 2: Auto Dealer Licenses
• 02:52 - Example 3: Commercial Cleaning Company
• 03:46 - More example of surety bonds
• 03:59 - How to find the surety bond you need
• 04:31 - Work with a specialty surety agent
• 04:56 - Get your surety bond cost
• 06:25 - Renew your bond when required

Here are other surety bond resources to fully understand what a surety bond is:

• Learn the difference between a surety bond and insurance
• The different types of surety bonds
• How long does it take to get a surety bond